Hibernia agrees refinancing of €400m credit facility

Irish property REIT Hibernia has agreed the refinancing of its €400 mln secured revolving credit facility with a range of banks.

The arrangement includes a €320 mln unsecured revolving credit facility and €75 mln of unsecured US private placement notes.

'We are delighted to have agreed this refinancing which significantly extends the maturity of our debt and locks in longer term, low cost funding,' said Tom Edwards-Moss (pictured), chief financial officer of Hibernia.

'In addition, our move to an unsecured debt structure, the first Irish REIT to do so, ensures we have access to the widest possible range of funding options in future.'

The unsecured facility has a five year term and a margin of 2.0% over Euribor. The participating banks (joint arrangers) are Bank of Ireland, Wells Fargo, Barclays Bank Ireland and Allied Irish Banks.

Bank of Ireland and Wells Fargo acted as joint coordinators and Bank of Ireland is acting as agent. Previously the secured facility, which was repayable in November 2020 and had a margin of 2.05%, was the group’s sole debt facility.

The Notes have an average maturity of 8.5 years and a weighted average coupon (fixed rate) of 2.53%.

As a result of the refinancing Hibernia said that the weighted average maturity of the group’s debt has increased from 1.9 years to 5.7 years. The group’s current net debt position is €210m.


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